Cyprus remained at loggerheads with international creditors over a deal to rescue the country from financial collapse, even after it adopted a radical bank-restructuring plan that would close its second-largest lender and see its big depositors lose much of their savings.

Nicosia and euro-zone governments were in an 11th-hour bid Friday to avoid a meltdown of Cyprus's financial system before Monday evening, when the European Central Bank has said it would cut off emergency liquidity for the country's banks. Euro-zone...